SALT LAKE CITY, August 1, 2018 — JF Capital opened the doors to 134 new affordable, workforce housing units in Salt Lake City this week. Moda Granary Place is new five-story apartment complex located in the up and coming Granary District area along 258 West and 700 South. This is the seventh completed multi-family development under JFC’s Moda brand.
With intense need for affordable housing, Moda Granary Place will help households of two making about $38,400. “Affordable housing options like Moda Granary Place helps create a space where people will not have to worry about how to pay their rent but instead think about how they will get a degree or a trade, how they might advance their career or how they can start their own business,” said Salt Lake Mayor J. Biskupski at the grand opening event. “This project also means that perhaps 134 households no longer have to commute into our city creating additional economic spending in this area.”
In 2017, Salt Lake City’s City Council passed a five-year housing plan called GrowingSLC that outlines a path to increasing vibrancy in the City’s housing market, providing security for vulnerable residents, and creating equity in housing choice. Moda Granary Place’s 134 units complete of a total of 522 affordable housing projects in Salt Lake City. Another 162 are under construction and an additional 945 will begin construction in the next two years as part of the City’s GrowingSLC plan.
The development team at JF Capital partnered with the City on this affordable housing project and is actively working on additional affordable housing opportunities in the Salt Lake City area. They recently broke ground on Moda Meadowbrook which will provide housing to Millcreek’s low-income workforce that are earning at, or below, 60 percent of area median income (AMI). Their hope is to add these critical units for long term affordability to ensure Salt Lake City is place for everyone.
“We are excited to be doing a part in solving the affordable housing crisis in Salt Lake City. We still have a lot of work to do but look forward to working with our partners and municipalities to develop more affordable housing projects.” –Adam Paul, Partner, JF Capital.
The J Fisher Companies is a Utah-based fully integrated real estate firm dedicated to delivering superior product in superior locations to the market. J. Fisher’s vertically integrated operating companies JF Capital and Strategic Builders were utilized in the process of structuring and building this asset. To learn more about this project or other J. Fisher Companies’ projects, visit www.JFisherCo.com.